The Michaels Organization to Break Ground on $60 Million Multifamily Project in Sacramento
Developer The Michaels Organization is planning to break ground on a $60 million apartment community in downtown Sacramento. It will be located on around two acres at 1990 Third St. in an Opportunity Zone.
“We are thrilled to bring this much-needed housing to downtown Sacramento and to be able to offer our residents urban living close to employment, restaurants and retail, entertainment, and other cultural attractions while providing an oasis of amenities within the apartment community itself,” Scott Cooper, vice president at Michaels which is also serving as the lead developer, said.
Michaels secured a long-term ground lease with a private owner for the project. It will include 187 apartments in a modern five-story, mid-rise building. BDE Architecture, Cunningham Engineering and Brown Construction are also involved in the development.
Michaels will serve as the property and asset manager. Construction is expected to be completed by the first quarter of 2024.